I am completely devistated by what Foundation Financial Group did to me when I applied for my refinance. The broker told me he was a lender that that I was GUARANTEED not to be charged any closing costs or POINTS! He told me that I would get a rate of 6% on my new fixed loan. Once he found out that I was already working with another lender he then came back and said that my new rate was 5.25% with no fees. It wasn't until I cancelled my other loan was he then satisfied to finish my file with him. I asked him why I couldn't keep my options open and keep the other loan moving along but he told me that it was illegal to have two applications going at one time. I later found out from the department of financial regulation in Tallahassee that he flat out LIED to me and that it wasn't illegal. Then he told me that I had to fax him all of my documentation to them in Jacksonville, FL and that his "underwriter" would call me. I found out later that they aren't underwriters or even a directl lender. The state's office told me that they are Correspondent Lender meaning they close the loan but have me service by a real lender. State of Florida said they are just commission mortgage brokers!!!!! Again another LIE!!! Anyway, then I had to pay for an appraisal fee which was $375.00 UP FRONT to the appraiser BEFORE I GOT ANYTHING IN WRITING!!!! When I asked for my disclosures first, he chuckled and said that they were on the way but to HURRY UP and get the appraisal done. I trusted him and called the appraiser back to schedule. After I paid the money upfront for the report, he told me it would close in a week. It wasn't until 44 days later did I see the closing documents and OH MY GOD.... My loan was NOT fixed rate, it was an ARM adjustable. Also, the rate was NOT 5.25% or even 6% but 9.55% with a ridiculous prepayment penalty that would have cost me thousands of dollars. HERE IS THE BEST PART..... as I stated before, he said there were NO FEES OR POINTS, well he was charging me 4% POINTS which equalled $9,020.00 in his BROKER COMMISSION!! Not including the other $3900 of regular closing costs.
When I refused to close the loan, he called me up and asked me what my problem was, I told him he was a big liar and that company was just a RIP OFF SCAM PLACE!! He then called me a BXXXX and hung up.
I have already filed a complaint with the Department of Financial Regulation with the state of Florida so I can get my appraisal money back.
STAY AWAY FROM THESE PEOPLE AND IF YOU HAVE AN APPLICATION WITH THEM...... CANCEL BEFORE IT'S TOO LATE.
Fort Lauderdale, Florida